BioMarin Pharmaceutical (NASDAQ:BMRN) Updates FY 2024 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.750-2.950 for the period, compared to the consensus earnings per share estimate of 1.650. The company issued revenue guidance of $2.7 billion-$2.8 billion, compared to the consensus revenue estimate of $2.8 billion. BioMarin Pharmaceutical also updated its FY24 guidance to $2.75-2.95 EPS.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Piper Sandler reduced their price objective on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating for the company in a research report on Friday, February 23rd. Royal Bank of Canada reissued a sector perform rating and issued a $100.00 target price on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Citigroup reduced their target price on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a neutral rating for the company in a research report on Thursday. Scotiabank boosted their target price on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a sector perform rating in a research report on Thursday. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $110.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $107.50.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN traded down $1.26 during mid-day trading on Friday, reaching $80.91. 2,253,442 shares of the company’s stock were exchanged, compared to its average volume of 1,447,142. The firm has a 50-day moving average price of $87.74 and a two-hundred day moving average price of $89.18. BioMarin Pharmaceutical has a 52 week low of $76.02 and a 52 week high of $99.56. The firm has a market capitalization of $15.27 billion, a price-to-earnings ratio of 76.07, a price-to-earnings-growth ratio of 1.68 and a beta of 0.31. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The business had revenue of $646.21 million during the quarter, compared to analyst estimates of $639.53 million. During the same quarter in the previous year, the firm earned $0.11 EPS. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. Analysts predict that BioMarin Pharmaceutical will post 1.85 EPS for the current year.

Insider Buying and Selling

In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $91.26, for a total value of $1,825,200.00. Following the completion of the sale, the director now owns 474,994 shares in the company, valued at $43,347,952.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Jean Jacques Bienaime sold 20,000 shares of the company’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $91.26, for a total value of $1,825,200.00. Following the sale, the director now directly owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Henry J. Fuchs sold 35,341 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total value of $3,010,346.38. Following the completion of the sale, the insider now directly owns 212,117 shares in the company, valued at $18,068,126.06. The disclosure for this sale can be found here. Insiders sold 103,229 shares of company stock worth $9,062,967 in the last quarter. 1.84% of the stock is owned by insiders.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical Inc develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.